[jpalomaki]

Just read somewhere about research somebody had made regarding the risk statements (established) companies put out. The result was that statements getting changed correlated with stock price taking a hit in near term.

Did not read the study itself. My explanation would be that since companies are not changing these for fun, they are probably changing them because they see some previously unexpected risk possibly manifesting itself and want to cover their back.

Unfortunately, I can't find the pointer to the study or the article.

Edit: Found the article, I guess this was posted to HN: https://www.theatlantic.com/magazine/archive/2018/09/the-sec... (search for NetApp to find the part about the study)